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Insurance Premium Tax (IPT) is charged on insurance premiums and covers most general insurance (such as buildings and contents), though life insurance and most other long term insurance is exempt. IPT is chargeable where the risk is located in the UK (this does not cover either the Channel Islands or the Isle of Man).

The UK Government announced on 8 July 2015 that with effect from 1 November 2015 the standard rate of UK IPT will increase by 3.5% from 6% to 9.5%. [..]